Pharma BD Deal Intelligence
Ipsen and Genfit entered a long-term strategic partnership (announced 22-Dec-2021) granting Ipsen an exclusive worldwide license, excluding Greater China, to develop and commercialize elafibranor for primary biliary cholangitis. Genfit received EUR 120M (~$136M) upfront (paid December 2021), an 8% equity investment by Ipsen, milestones up to EUR 360M (~$407M) and tiered double-digit royalties of up to 20%. The bet paid off: the Phase 3 ELATIVE trial met its primary endpoint, and the U.S. FDA granted accelerated approval to Iqirvo (elafibranor) for PBC on 10-Jun-2024 as the first-in-class oral PPAR agonist in the indication, followed by EU conditional approval (Sept 2024) and UK MHRA authorization. First U.S. commercial sale triggered a EUR 48.7M milestone (invoiced Jun 2024, collected Aug 2024), and Iqirvo began contributing to Ipsen sales in 2H-2024. The de-risked asset validates Ipsen's rare-disease specialty-care strategy.